Factory insurance ITC ?

Dear sir/madam,
can I avail factory insurance tax credit?
Replies (7)
Quick Summary
This discussion explores the eligibility for claiming input tax credit (ITC) on factory insurance for GST purposes. It confirms that factory insurance ITC can indeed be availed. The thread also touches upon specific income calculation scenarios for businesses based on turnover and transaction types (cash vs. digital/bank), with a user seeking clarification on whether stated percentages for income declaration are correct.

Dear Mehul

yes you can avail factory insurance input tax credit

for gst related queries you can contact me at sthayin @ gmail
@ CA Dhruva kalamanji ,Dear sir, For Example

Case 1: Mr Poorna Jain having a business turnover rupees 1 crore 50 lacs she is in under tax audit ,so (1 crore fifty lakh 8%=12,00,000 ...can a Poorna Jain shows is income Rs 12 lakh it is correct or not???? ( Cash received transactions)..



case number 2: again poorna Jain have rupees 5 lakh for bank transaction and digital transaction, does poorna Jain shows is income at 6%???


8 % for Cash transaction


6% for Digitally and bank transaction..



sir please tell me this is correct or not
Hi MPR Sanjay

Please write me at sthayin @ gmail for specific question.

prima facie you understanding is correct
What's your mail id
Sthayin @ gmail
Ok sir I will mail now plse help me
Yes you can avail

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